UK Budget 2020 – IPT Gains a Reprieve

Elliot Shulver
March 11, 2020

The Chancellor of the Exchequer announced his UK budget for 2020 earlier today. After three rate rises in the previous five years, Insurance Premium Tax (IPT) gained a reprieve from any further increases.

The Chancellor mentioned in his Budget document that the Government will shortly publish a summary of responses to the recent call for evidence on the operation of IPT, and details for the next stages of potential IPT reform.

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Author

Elliot Shulver

Manager, IPT compliance for indirect taxes at Sovos. With 6 years’ experience of indirect tax, including IPT, VAT and Gambling Duties and part qualified chartered accountant, Elliot is responsible for our Consultancy practice, as well as providing regulatory updates for our global compliance solution suite.
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